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COMPANY REGISTRATION NUMBER: SC090493
EM CABLE SERVICES (NORTH SEA) LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 December 2023
EM CABLE SERVICES (NORTH SEA) LIMITED
STATEMENT OF FINANCIAL POSITION
31 December 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Tangible assets
7
124,557
98,153
CURRENT ASSETS
Debtors
8
415,801
552,512
Cash at bank and in hand
3,043,710
2,964,952
------------
------------
3,459,511
3,517,464
CREDITORS: amounts falling due within one year
9
363,919
511,637
------------
------------
NET CURRENT ASSETS
3,095,592
3,005,827
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
3,220,149
3,103,980
PROVISIONS FOR LIABILITIES
Deferred tax
31,139
24,565
------------
------------
NET ASSETS
3,189,010
3,079,415
------------
------------
EM CABLE SERVICES (NORTH SEA) LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 December 2023
2023
2022
Note
£
£
£
CAPITAL AND RESERVES
Called up share capital
11
90
90
Capital redemption reserve
10
10
Profit and loss account
3,188,910
3,079,315
------------
------------
SHAREHOLDER FUNDS
3,189,010
3,079,415
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 20 March 2024 , and are signed on behalf of the board by:
Mr Steven Thomson
Director
Company registration number: SC090493
EM CABLE SERVICES (NORTH SEA) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in Scotland. The address of the registered office is Unit 4C Wellheads Way, Dyce Industrial Estate, Dyce, Aberdeen, AB21 7GD, United Kingdom.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. Amounts are rounded to the nearest pound.
Going concern
The director considers that the company will have adequate resources to continue in operational existence for the foreseeable future and, for this reason, the director continues to adopt the going concern basis of accounting in preparing these financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
15% reducing balance
Fixtures and Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2022: 6 ).
5. TAX ON PROFIT
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
165,769
134,148
Deferred tax:
Origination and reversal of timing differences
6,574
5,235
---------
---------
Tax on profit
172,343
139,383
---------
---------
6. DIVIDENDS
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2023
2022
£
£
Equity dividends on ordinary shares
445,000
50,000
---------
--------
7. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 January 2023
305,997
13,276
100,280
3,813
423,366
Additions
5,000
52,720
57,720
Disposals
( 40,437)
( 40,437)
---------
--------
---------
-------
---------
At 31 December 2023
310,997
13,276
112,563
3,813
440,649
---------
--------
---------
-------
---------
Depreciation
At 1 January 2023
238,325
12,932
71,876
2,080
325,213
Charge for the year
10,901
86
2,836
433
14,256
Disposals
( 23,377)
( 23,377)
---------
--------
---------
-------
---------
At 31 December 2023
249,226
13,018
51,335
2,513
316,092
---------
--------
---------
-------
---------
Carrying amount
At 31 December 2023
61,771
258
61,228
1,300
124,557
---------
--------
---------
-------
---------
At 31 December 2022
67,672
344
28,404
1,733
98,153
---------
--------
---------
-------
---------
8. DEBTORS
2023
2022
£
£
Trade debtors
369,539
507,475
Other debtors
46,262
45,037
---------
---------
415,801
552,512
---------
---------
9. CREDITORS: amounts falling due within one year
2023
2022
£
£
Trade creditors
9,956
178,643
Corporation tax
164,769
134,148
Social security and other taxes
52,279
57,168
Other creditors
136,915
141,678
---------
---------
363,919
511,637
---------
---------
10. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions for liabilities
31,139
24,565
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
31,139
24,565
--------
--------
11. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
90
90
90
90
----
----
----
----
12. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
52,250
52,250
Later than 1 year and not later than 5 years
209,000
209,000
Later than 5 years
156,750
209,000
---------
---------
418,000
470,250
---------
---------
13. RELATED PARTY TRANSACTIONS
During the year the company paid dividends of £445,000 (2022 - £50,000) to its holding company, E M Cable Holdings Limited. At the year end £Nil (2022 - £Nil) was due from the holding company.
14. CONTROLLING PARTY
The company's entire share capital is held by EM Cable Holdings Limited, a company registered in Scotland. EM Cable Holdings Limited is owned and controlled by the sole director, Mr Steven Thomson . The address of the registered office of the holding company is Unit 4C Wellheads Way, Dyce Industrial Estate, Dyce, Aberdeen, AB21 7GD, Scotland, United Kingdom. Copies of EM Cable Holdings Limited accounts can be obtained from the Registrar of Companies, Scotland.